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Global Smart Ceiling Fans Market it is anticipated to reach at market value of US$ 1.2 Bn by 2027
Bizizz Market Research has recently published a research report, “Smart Ceiling Fans Market by Application (Commercial and Residential) by Distribution Channel (Offline and Online) and Region-Global Industry Trends, Estimation & Forecast, 2019 - 2027”.
As per the report, Global Smart Ceiling Fans Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 1.2 Bn by 2027, witnessing a CAGR of 5.6 % during the forecast period. Key drivers of the market are changing lifestyle, introduction of advanced products, and rising purchasing power.
The rising demand for smart home appliances and advanced convenient products is anticipated to fuel the growth of global smart ceiling fans market. Moreover, the smart ceiling fans offer several advantages over conventional fans such as internet connectivity, remote access, energy efficiency, and compatibility with different applications including Alexa and Google Assistant. This is expected to increase the sales graph for these products in coming years.
The Smart Ceiling Fans Market Is Anticipated To Register A CAGR Of Over 5.6 % During The Forecast Period.
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By Application, Residential Segment Held A Prominent Share In Global Smart Ceiling Fans Market In 2018
Based on application, the residential sector held 78.9 % share in 2018. The growth of the segment can be attributed to rising awareness regarding energy saving among households. Moreover, prevalence of smart home devices is expected to favor the segment growth during the forecast timespan. Furthermore, commercial sector is estimated to grow at a rapid pace during the period of research study. The smart ceiling fans offer the facility to manage and control multiple fans at a time which is resulting in rising adoption from commercial buildings including malls, offices, and manufacturing facilities.
Asia Pacific Is Projected to Occupy Prominent Share During the Forecast Period
Asia Pacific registered 62.3% market share in 2018. A significant rise in number of middle-class populations in India, China, and Indonesia is majorly driving the regional growth. The humid and hot climate of South Asian countries is expected to surge in demand for these products. Moreover, presence of key manufacturers including LG Electronics and Havells India Ltd. Is likely to fuel the regional growth during the forecast period.
Global Smart Ceiling Fans market is highly fragmented with several local and global players. The manufacturers are focused on strategic partnerships to expand their product portfolio which will help them to strengthen their market foothold in coming years.
Prominent players operating in the Global Smart Ceiling Fans Market are: CG Power and Industrial Solutions Limited, Hunter Fan Company, Havells India Ltd., Orient Electric, OCECO, Delta T, LLC, Fanimation, Ottomate International, Modern Form, and Minka Lighting Inc., among others.
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